Live Nation's Michael Rapino at D: Dive Into Media

3/2/2013 8:30AM

Ticketmaster has long been the place to turn for concert and sports tickets when they go on sale.
But, starting later this year, it will also be a place to go even when the initial supplies are sold out. Ticketmaster's owner, Live Nation, plans to start offering the ability to resell tickets on the site within a few months' time. The move will allow content owners, venues and other participants to benefit when tickets get resold for higher prices.
"I think that's a step forward in bringing two markets together," Live Nation CEO Michael Rapino said, speaking at the D: Dive Into Media conference.

This transcript has been automatically generated and may not be 100% accurate.

... I ... for sure ... it does go out to see a show ... given the stance of money mostly please welcome Michael repeated ... the the ... what you did ... but don't assert ... with you ... I was little nervous with ... some professional ... events guy ... the line ... so here is that anyone who has a remotely U ... K passing knowledge of music business knows that ... music sales of and a slot for a long time ... and that music concerts been pretty dead ... and then if the euro Sarepta ... clever to Girardi when people talk about music to supply notice going toward making up to the swell the money is ... so you were all the money it's ... the thing so let's forget it just me we keep it all to women on the tour ... um ... yes they you know the the the business for ... thirty years was all about the record ... is the center of the will if you want call ... on the artist the most money from the record ... in terms of what you did to go sell some records for the of the drug ... that she supported theory beach or support ... and um ... you view one on the road to stock its ... over the last ten years of stupid decline of the record ... aam and the rise of the production and show ... um which many credit the stones are others but one attacks things from becoming a real show ... you can charge a ... higher price ... he looked now an artist ... even a new artist ... not just the Rolling Stones but ... if you're Taylor Swift are making ninety percent of money ... on the road ... on an annual basis so it is truly where ... the center there will now this kind of pride in their financials and overseas to see from you guys ... a few years ago said the average American does that to show us the years but still though the current number ... you know it it isn't dead and the good news for the data ... Ticketmaster it matter ... um ... generally it's too far from a nineteen to ... forty nine ... aam ... that oversee the ... eighteen to twenty nine year old a seven or eight but we all remember were more active ... but yet generally overall this is a ... um like the music business ... the high consumption category ... so can you make me go to more shows or is this it's it's gonna be a big event ... for financial reasons or whatever um probably guess that into your new best to maximize what to do with those two visits ... you know that that is if you wish to think of the Number one of ... its global now ... so what we spend most of our time on ... we're now in forty one countries and growing ... so of most of the emerging markets which is nowhere near two will show was the year ... it had been years that didn't have ... you to come into their markets ... so what are the biggest area for us is to spend globally period ... more Markets were in every market around the world ... wants you to show they want to leave the God to show the public building infrastructure ... from Singapore to Cape town it's the Number one for us the pie gets bigger ... as we as we march globally ... um in America ... we have a more mature markets ... the August are probably not going to change that to dramatically ... um today but believe ... going forward ... we get the consumer are right and we get the advertising rights ... we absolutely can take ... those casual consumers and increase the power source for the new interface directly with the consumer but you really do I think it changes you really don't have a consumer brand right when I receive a guy that if I were to see we got to come later her show I might know where the venue is ... probably don't know whether you are promoting it working on the venue ... of tickets through Ticketmaster Richard asana might dislike Ticketmaster or ... don't like them ... rejoice with cheese at this place someone was here she cost this much ... that's it ... the weather it you guys or anybody else should be irrelevant ... you don't even want to change that launching so I think you know I think the smartest thing we did ... it years ago ... um ... when I was seven a ... board meeting when we spun this company opened the big decision and strategy that we said what you can have a clear channel ... we spun out of the kennel ... credit to ... the brand Live Nation ... and we were a great concert promoter but that's it simple revenue business ... and and I think the bigger strategy that ... has been guiding us today was ... you know one of the fears I had was looking at the labels ... most media companies was ... you know it's great being B to B ... the tothe and are they the artist ... is always going to get paid well ... in the artist tends to ... you know what great fascination for whoever is selling his art ... was was actually shaking my customers ... whether its iTunes or weather was telling records ... um the biggest decision we made was we were just going to be the middleman we needed to be the first media company that was also going to be the sea but I have a choice about whether I wanna buy it I'll look at ... our record but wherever they have a choice about the places I can go to buy Iraq ... write a lot ... and Italy have no choice but to see someone play right here in my town in one venue that's ... right so why should you care if I care about your work ... well I think in in in two for two fronts are one my point was just we needed to be in the consumer this we needed to have the actual sale ... we couldn't just be the promoter ... outsourced to the front door you really want to touch the customer we will not unlike human right that sounds simple but notes for record labels are where they are right now because they don't turn the company from noxious B to B but are actually a BBC ... having that double sided business model is no easy feat ... in some ingrained media companies ... um ... but that but years ago we said we have to be the one that also sold the ticket ... whether we got the three live Nation ticketing where able to up ... to toe merge into Ticketmaster in the history lesson is union said Ticketmaster on the ticketing business that's ever gonna build our own version ... he started soon unit ... that was the ... sickest and were the largest fire Ticketmaster ... when we didn't we know ... it's probably a ... good chess move on the table that got us to the table in a deal done was right for our shareholders ... um ... so that we have the foundation we have the plate that says with the largest content company will concerts ... thirty thousand shows the year ... um we'll serve a third largest e-commerce site known world ... Selina over four hundred million tickets ... aam and you're right ... with a brand Ticketmaster that has ... for all ... who love told us they were here at Ticketmaster fam ... dark on ICE's road of the audience in who's going to raise their hand written I am I the the um ... I would say this it's a global brand ... so it's it's it's it's been great for expansion when you roll into ... Brazil or ... on Spain or Italy you talk a book ... of launching the ticketing business ... is credible its big to get it ... um but with your right we don't want to do with Ticketmaster to get the consumer ... um believing that were an actual consumer ... based site that the ... that cares more about the famine just transaction fee ... and and were run up one half to get in there with them ... rebuilding our platform for two years ... no one of the ... realities of Ticketmaster and getting this merger done ... we are running a twenty eight year-old platform right now ... the tomb ... most third largest e-commerce eights in the world with some more about it but prior orders didn't ... so ... the first thing we did we took over ... was a was committed to rebuild on the platform ... fifty percent through the ... middle of a new Web based platform by the end of the year ... good news is we're auction start launching new products this year ... um and our strategy with Ticketmaster wasn't ... wasn't chains long don't run an ad campaign but actually ... build a better product the product works better that the product the features the functionality around buying tickets in finding shows so one can read the Twilight ticket ministers Meet website sucks ... but the main thing they complain about is you pay fees to middle position fifty four ... sometimes they're upset because they can get a ticket or their problem the price they also use the blame too often when Ticketmaster about ... right ... now you know ... the fees are one of those things in life that you know we ... we would love to tell you will keep all the money we spread about fats but Ticketmaster to date on the master was made to be a bit of a villain in the in the medical system today ... um those fees gifts to the doctor the promoter back to the venue backed the artists ... um ... we have to take a little bit of the ... of the stock up front ... um but I would say this is when you really that the winter or your customers into the data ... you know I'd like to tell you that the front row of Taylor Swift and Swift was five miles wide ... and we make everyone happy ... typically the ticket business ... if you get a great secret Taylor Swift you don't care what the service fee ... if you get a bad seen cannot love and he couldn't get to see a mess right so you know not scarcity of come off of Product ... von twelve thousand seats two hundred thousand people wanting a product ... um you're going to off people no matter how ... beautiful the the the logo or transaction ... or fried ... um ... so you know we are always battling the challenge of a scarce commodity instances are taught us here see is ... or that even though it's been a worry guys in the secondary market has gone back and forth ... there's this ongoing debate within music and concerts in general but ... if you forgive the scalping tickets in reselling them should be ... should the ... promoter PR is forever be doing it themselves as capturing value ... yet I think you know the scalping business is is it isn't about evolution right now you know for twenty years of them ... the guy said corner we were cheerfully was in a sold the tickets on the street or from a window shop ... up in the industry didn't really know how to ... attach it ... StubHub internet comes to life it starts getting exposure to ... that which is great for us because you sit with any artist ... aam and they look and StubHub and CIA tickets going for two thousand dollars ... and they're out there trying to protect their brand of a hundred ninety nine dollars ... um ... they start to realize the reality of ... the supply demand the ... impression that ticket ... um ... I think as you go forward in life ... will sports is doing a great job NFL NBA NHL now signed up to our exchange program ... um place in of the host is too skinny get smaller it's going to meet demand ... in the content owners don't want someone that ... you're not gonna let some ... you was the content owner ... and you too or or or the NFL ... team ... you not to let a four billion dollar market excess of the outside ... we are for going on how to ... pay the bills ... so what are we in and do ... you know when we have a brand called tickets now ... and we have Ticketmaster ... what drives me crazy both Ticketmaster is at ten o one ... Wessel globally they got the tickets for three months ... I got a great ... you know your tickets found page app ... stores closed ... um for three months would Hugoton StubHub Eagle their worlds ... we can't be in that business anymore week in Indy ... um you know best to build this sweet to be in the always available this this um ... sorta watch the summer of ... an integrated platform on mobile ... and online at Ticketmaster ... if you come for Lady GA GA ... were initially a primary who were like my secondary right there will be transparency although this was to order books now it's five hundred bucks the one about a hundred percent transparent ... and for those three months were awarded to the store opened ... you come ... on a Tuesday night want those tickets we gotta be there to participate ... um what what you buy the ticket ... when Leah lists the tickets only to be bought for one of the back of the market ... um really transfer them ... and yes Morgan liked but the cost to participate in ... so I think that's it that's a step forward in bringing the two markets together ... is as you know ... the fan doesn't understand second are primarily just been resting now ... see the Rich Joseph much time someone has begun to work ... um that the disease were horses touring with that ... decades now a writer and commanding ... the tickets that you can watch over top of the pole star charts ... Rolling Stones you too ... I'm locked up for guys in the one in Fleetwood Mac have um ... are there enough new people coming up in the pipeline to keep your business healthy ... yes you know we get this question ... weekly sorry for that matter how may times we meet with road out of ... it this is a vibrant business this is our ... it's it's being recreated in the grads right now ... so you know we step back as the great part of the music business ... and Jimmy will talk about the recorded ... I don't I would want to have sold that ... the word of this year still in the order of business right now we're in the in touch with local governments were ninety nine percent you know were were in the concert this switch ... you know ... you could argue as I sit in my guests were were semi and traveled this is our job is two times a year when you want to get to that destination ... our job is to ... do everything we can make that concierge come to life ... aam and we a lot of what more to do in one interesting fact ... we tested all summer shopping cart ... at aunt's ... you going to be ... Coldplay showed a one of my t shirt he wanted to share early you wanna buy a CD he won anything ... zero percent of nothing take ... to want to ensure its ... seventy percent stake ... why because it's like travel I got those tickets at safer Coldplay in three months ... perfect for some reason I can go ... I wanna be with my money back so ... we continue to learn our customer that going on that ... that the journey to see Coldplay twice a year ... um he wants ... hotel deals he wants ... VIP ... parking about the teacher ... doesn't want to hear a lot of Coldplay t shirt he's mocked the CDS goddess Coldplay music in ... the span of a hundred nine inbox is a committed fan ... he's now going on a journey ... with for his buddies or is this wipers kids ... and you look at those segments and we look at the ... guilty dad segment ... you know you and I ... um or am I couldn't sell enough for you know pollen higher watching by five ... one two year your kids as I got to see Justin Timberlake of us were given out at Netflix the ... year ... so ... we're gonna do better job the look of the segments they want everything they can to make that experience better ... um and Amber and start to move officials that businesses were taught with it there there there is new talent coming through so if you look at two thousand twelve ... I can record was six or seven on a ... protected precision right now but six or seven of the top ten artists are a mature ... artist ... there are relatively new blogger like yours ... so every year there's a new Jason of demons and Coldplay this Kenny Chesney ... re Anup thinks there's this rise the DJ culture Dinacci SE E GMB said people would be someone's personal ... note it's just an oldie of the rest the world now it's up it's a good way that ... you know it's the number of entries ago the Jews and these are fantastic and lucrative events right is the isthe DJ due to a woman ... I was a couple turntables and leaching to produce needed tons of stone people dancing writes Credit ... password to the board why we should entered a ... no um ... that does sound like a forty year old white guy talking about rock'n'roll forty one would ... say the ... in my defense I was the first Lollapalooza ... was the one ... this isn't this a good thing for us is you know ... every ten years whether it's to school whether it's you know grunge music urban hip hop ... is a neutron or music the bubbles of ... the resonates with young kids ... dance music hosts music which chronic visit which put Madrid club around the world ... um has become ... their new rock'n'roll went to them ... it's not as simple as you say you know dead mouse is the Rolling Stones Kelman Harris's there ... there there Carol ... um I think electronic music business ... some brands like insomniac and others of doing a fabulous job really ... taken us in the blood slightly in terms of ... their ... doing incredible experience for the stanza rotors ... and so that you work for it to be to be courting and at this ... point people deciding to go with this that you guys have water it's all been done you bought Sun ... you know there is a bunch of the brands out there that are doing a great job and and ... I think that you look at the ... Sundance Festival and biggest suspect largest festival in the world ... to rock in Rio ... um credible production user experience of nineteen twenty five year old ... it is is you know to stroll by the time they leave their after three days so I think they're doing what ... the cost of businesses to keep remembering ... that some of that to our experience ... not just the guy on stage ... to buy the whole last if you bought them he didn't answer is that something you'd want to buy doesn't make sense for me to buy your way into the business I'd you know I think I was probably one of the first ... to go public promoted only does the live them on that for five years ten years ago ... um started cream fields out ... of bed with the resulting film guys sought explode there ... came over on him and took over the U S business onward ... started to see globally of work ... um last really tedium was last at the American shores but it was actually ... um from Spain on word big ... so we bought cream filled with love and that the company in L a Hart ... announced a read ... we did we'd be very interested villa map portfolio instantly to ... make sure we have that John or music will save this clip and if you buy will rerun it right will go toward sparked when you're buying it but of no ... other couple news versus a one run by two other well publicized Irving Azoff ... your chairman ... left at the end of the year this group one New years Eve ... my miles in ten years show but you're just every up provider contract ... did you know that he was leaving when you re up was answered part of how that was structured ... need to assess the ... puppy dog eyes there ... a naive little question ... um ... but the deal ... for those of us that no working reliable model care is covered relationship ... um um um ... you know I think the tickets will establish a thing ... Coakley Investors called it a couple days later ... as I said to them all if you read the news report today one of its mainline was public company stock ... um ... maybe an indication that you know that was right to ... it was all over me is a great entrepreneur ... um he's a deal maker ... for these companies together a couple years ago ... is on operator Selway likes doing ... um I think it's the ... it was best for both this time he went and does what he does well so he hit his management business write this you tube is keen to manage a business that he goes and rebuild some or all so that we really don't have a business or ... um you know this thankfully of Marcum pizza come with hardline people so we have a read of a protective non competes for a few years it seems like that ... businesses and Cora went on ... the ... twenty oh we we have but we've been in them and this is to be already ... um um so now we've got of ... another fairly self sufficient management companies ... soared two hundred are served to relieve ... seven or eight or companies that are ... long established powerhouse managers with her on staff are on infrastructure ... um ... so we expect to keep ... keep that division moving and to kick in ... to grow it in in the one about the music business and a five six years ago you guys were doing these well publicized deals were Madonna and Jay-Z you were not altogether concert deals are and become their their record company the idea was you would be the new rock ... we ... don't hear much about that if anything more no ... no no that didn't go well over on the street we own ... whatever whatever whatever ... you know listen we do it there's a couple theories and ... the game of chess is played out but at that time we were greeted omen Ticketmaster ... um and my core strategists said from day one we took this company public ... um I had three missions one ... we had to go global ... thus we are today ... to which we have to build a real advertising business not so long signs that the theater ... today we have a hundred sponsors globally makeover hundred and fifty million dollars I think that that effort as it continued its cover the evidence of that was always part of what you guys did back in the clear Channel is there was also unlikely channel to leverage his investment concerts now I mean I think that was their theory when when they bought ... um the company SFX they actually ... fired the salespeople in and have a fear that their child would sell advertising it didn't work ... you couldn't Sola forgotten Social review spot some understand space so it never worked ... um and done ... and in the best we were still in a sign that the theater low low margin business ... um we need to get serious due to vehement me access this is the advertising digital business ... um so now were by far the largest the world looked at selling online on stage ... in the third piece was when we actually had to be in the ... in in the ticket selling business and when to control the ticket to control the shopping cart ... three sixties working them out ... on two theories want to spend three billion dollars the year and talents ... if you look at it until ... it is over ... ten years ago spent thirty ... um can I get some of those rights tied up in today's dollars not have to keep bidding on an annual basis ... so ... the top five deals that we did the spring rights were brilliant ... it's you to do to him ... see blog on Usha Kira Nickelback ... really because you basically of law can inflation fourth retreat or cycle ... cannot ... bidding against AG every time that or success ... as a use it to is an example ... just finished the largest church history seven hundred million dollars gross ... we have their next two are no guarantee ... in our pocket ... I would wanna be bidding on the YouTube for today ... coming off that ... so ... um ... hey we are just a little but up front to get long-term market rumors right we still do that ... of the flawed car that mortal was mission of never ... um to continue the record writes along with those deals one up ... um ... to think we just gotta keep focus on what we do right and what we do right is put shows on the Mana ties that show ... seems like being in the record businesses ... should be pretty easy right they recorded you distributed titans made up ... simple ... um ... you know I think is you seen the collapse of the rebuilding of it's not that simple ... um what's the parables of homie records one sells nowadays in excess or so what we have no desire to bigger of the soul ... CDS are ... digital ... digital music to to France union scale ... like other record companies have ... having three random records in the middle of nowhere ... doesn't do much good if it's you to the Madonna and Jay-Z humans it is ... you know so we sold goes back to the record labels ... have you to tip record right special secure back to Sony ... sold though Ahmed on a back to Universal for money off the table about peace ... and a week's worth of the peace that we do well to her site ... now ... we also injured in that time because ... heading into not reveal Ticketmaster ... we were deftly bulk enough to make sure we have artists rated the sport are ticketing platform ... as we were both take on the other cuts due to bulk up in the book up I think it was again in the history of the of the of the chess moves ... I think it was of a big reason why ... buy a ticket master of the table ... to a fifty fifty deal with us even though they were ... a bigger you are is business ... I have more bourses were lower open up to that the audience is as much time and I'm not in a ... market bag ... the question is if you wanna pop up wanting to yell ... see one ... Rob greedy for my paint them he actually have a question for myself and also on behalf of my thirty year old has an inspiring I will use EGM is now in school ... but that now Skaliks ... Keat I believe that the economics of that part of the music business because when earnings it's amazing is ... likes as an example he plays open EU Opens for J C and Philadelphia ... then on Sunday ... he's in Seattle playing in lumber shoot ... in all the houses MacBook Pro ... in a couple other guys MacBook pros homes and apartments fantastic show ... so the thing I think it's different about Universe's rock'n'roll or other things the past ... it does seem the economics of music composition and music ... production at least in that format are different I just love to hear your perspective ... in an all boiled on him and home again ... yet know if you'd ever think ... talk about this alot know some I think ... of ... what illnesses greater motive is ... it ... follows show me a picture is eleven year old son ... was able to be the DJ at home ... so number one at that the cost of entry zero ... nowhere weaker up if you didn't think he can play guitar given the band ... he didn't bother trying to be in a rock'n'roll band ... her eleven year old today he got the ticket you got your Mac computer couple speakers software ... here are a start and that vision to be in the next add dead mouse ... so I think it's ... a whole nother ... up under him and and demographic into the business that wants to be Calvin Harris with a Mac computer ... and Dom ... you were dead right in economics those guys are are making a fortune ... um going from the cloaks club the clubs event to event with the ... with the bank and an M a in a bar stool ... versus seventeen ... transport trucks ... the economics are specialists ... the other thing I'd say is that difference though is ... their economics have no records like to have all so unlike the other artists who hopes to become of Dell and get a big record sell two million to make some money ... what We lovable to stronger music for the first time in history ... this to honor music is a hundred percent dependent on the events show ... historically this runner ... the pop urban pop grunge music ... always was centered on Get song get record deals get video then maybe get audience to work ... these guys start with gold build tour bass and bass from small to big festivals ... and maybe release their music ... conventional or not sell some sell singles make a dollar or two on the outside ... but go maker hundred and fifty grand a night ... spent in in in in a band based business so it's been ... fabulous for us because this one a Medtronic said earlier ... Scott is going really adds a new life to this whole ... live on stage this period ... saw ... the square about the Emmys dwellers always been grind ... it up and discuss ... some of these things and ... come and gone right grunge doesn't really exist at least that name disco not poppers was the seventies ... the top still a big deal ... you think the yen has that life cycle to everything from relieved that this is part of ... our entertainment ... mix I think there's too much to euro zone of the rock'n'roll ... country and pop music is as a stable if it has always been a balding ... wrap turns into urban which means the terms and to ... some eye popping electronic turns into little but ever been ... so think you're always going to have ... um um withdrawn or a music ... based in some global all ... the pop meets Rapids electronic music and I think that's ... an ongoing has been forever will be ... questioned ... it's just ... to share this icicle question in terms of where nobody gets go ... I can never the last time any high demand at Ticketmaster actually enable the tickets ... and I knew going into the secondary market came to three times he knew the concert I actually want to do ... and Moyes case like are all the kids can upfront are reserved for the artists like with Apple's work ... the question is that it's the Number one ... the ... challenge we have right now the ... can we can we fix speaks Pearson Ticketmaster or ... the Slough a bunch of people in ten oh one ... um ... so no limits remember ... eighty five percent shows don't softness lots of tickets for tonight ... at fifteen percent of the popular Lady GA GA shows ... um ... forces the supply demand from so even if all thousand tickets for MST were literally available ten o'clock ... two million people are trying to get him you just never gonna make it ... but you are right in general ... the challenge is how many tickets are available ten oh one ... was twelve thousand or was four thousand or eight thousand ... and today there are lots of Merrick expressed pre sells sponsor polls ... are a lot of economics the business ... of around that ticket ... so some man's decide to maybe do an American Express and give them a thousand tickets were pre sale ... they might do some of their own website ... um were different credit card company ... said generally somewhat he is given an economic incentive to the artist to do a pre sale ... and takes some of the will ... of that of that inventory off ... a tiny get to the show ... um it's a pretty you know it's a pretty transparent clean system today you are ... an ... artist has their ... lawyers and business managers and accountants looking over every ticket making sure ... the promoter no one's holding fifty so it's up ... to fall into going somewhere secret ... probably have gotten some pre sale done a really ... up for their fan club of some sense that's usually the biggest piece of the ... of the manifest that doesn't make it to go on sale has not been delusional was a Christian we are not available he wants to buy them even when his early years in once and been distributed other people yet there are some of the minister began to lose only is the challenge of ten o'clock even of twelve thousand were there at our problem is ... a million people are trying to buy them so ... a lot of people feel the same way ... but generally yes the on sale right now house to get cleaned up and we have to grow ... Elise be transparent ... on onthe on school day ... the better ... I was disrupted ... every couple months or so I will summon also say so and so's raise X amount of money to disrupt Ticketmaster ... um our really understand other than to do it because it seems like you control ... the menus in ... the chores etc then again it does really matter if I'd like somebody more than Ticketmaster one of those who ... see them so what what's the threat to who's been undermined ... well you know I think you are right to think that ... the reason we did the Ticketmaster merger proceed to ourselves ... um what was I given the resilience of the Ticketmaster brand is ... fairly amazing ... when hundred and twelve percent renewal rates cluster of cells can contracts ... renewed ... um fans still trust the total of seventy plus percent ... satisfaction rate when you got the ticket you trust that you know what's real ... giving it a money back ... um so they have a very very ingrained platform and Dom ... when our son or the content was distribution together is a strong eco system that is ... is hard to replicate ... um what we worry about ... when I were to book the other day down the street trying to replicate us ... like access ... we worry about ... um ... like everyone worst book written on or what your apples are Goebbels or somebody on the front door ... given a better search ... and experience to buying those tickets and getting the tickets ... um ... and we would ... be nice if we have that with our new platform ... we have to start you know ... here's the irony ... today Ticketmaster you have an API ... he couldn't do any of you one very closest them ... with open up that system ... a bit more we have throughout our new platform will be an open platform ... that will let customers build apps ... and business platforms on top ... oh we also have to take our business ... um and we have to integrate into Facebook unsold tickets and Amazon's in Apple's another place you face your fear is that someone invents Instagram and takes off and the closer business weighed by a billion bucks that can happen to you right or risk in someone build a better ticketing system and ... country would distribute them I start a book though the Motorama ... around the castle with with the cat masters ... anybody to put a ticket sign up today that says ... you know all the seats are available to one of my ... heart Carnival Queen and taken businesses in the store front ... the hard part is ... Paul thousand clients in the venue contracts and the infrastructure to Nubian thousand employees in every city dealing with ... the venue down the street with a box office ... printer broken someone's gonna call ... of service that Dell but infrastructure ... did that to secure the contracts and servers those projects where platform ... on upbeat is really that ... the asset base ... I wouldn't do much better job of the store front ... doing better platforms ... um but most customers come to watch because of our market share ... and would love us to be ... selling tickets at their front door ... coupe which show ... I think eventually we're going have to open up some distribution to reach more customers and get that to customers up to three ... one of Ms I sit is ... forty percent of the fans will tell you that what what the show but didn't know what it ... um so we have is a company to increase the number of ... the better reach more customers both actual happen next after it so what's the lesson was just relax ... thank you Michael ... McHugh ...